Raissa's Feed
Jun 25, 2012

Abu Dhabi says taken steps towards paying contractors

ABU DHABI, June 25 (Reuters) – The government of Abu Dhabi
said on Monday it had taken “appropriate steps” to make sure its
entities would pay off money owed to contractors working on
billions of dollars worth of construction projects in the
oil-rich emirate.

Construction companies, consultancy and architectural firms
have faced slow and irregular payments from some Abu Dhabi
government-linked entities, in some cases leading to severe
financial difficulties.

Jun 1, 2012

Analysis: Iran commander’s trip to disputed islands frays UAE nerves

ABU DHABI (Reuters) – A visit by the Iranian Revolutionary Guards commander to three tiny islands near the Strait of Hormuz oil shipping lane revives a bitter territorial dispute between Gulf antagonists – and trade partners – Iran and the United Arab Emirates.

Abu Dhabi has yet to comment on Thursday’s trip by Mohammad Ali Jafari, but like other Gulf Arab capitals it reacted angrily when Iran’s President Mahmoud Ahmadinejad toured one of the islands in April, and recalled its envoy from Tehran in protest.

May 31, 2012

Dubai govt backs $1 billion loan for DIFCI: sources

DUBAI/ABU DHABI (Reuters) – The Dubai government will partly guarantee the $1 billion loan which DIFC Investments will use to repay its $1.25 billion Islamic bond maturing in June, two sources said on Thursday.

The government support consists of a shortfall guarantee of up to $470 million, one of the sources familiar with the matter said, speaking on condition of anonymity as the information is not public.

May 31, 2012

Dubai govt backs $1 bln loan for DIFCI-sources

DUBAI/ABU DHABI, May 31 (Reuters) – The Dubai government
will partly guarantee the $1 billion loan which DIFC Investments
will use to repay its $1.25 billion Islamic bond maturing in
June, two sources said on Thursday.

The government support consists of a shortfall guarantee of
up to $470 million, one of the sources familiar with the matter
said, speaking on condition of anonymity as the information is
not public.

May 9, 2012

UAE’s effort to liberalise economy may disappoint

ABU DHABI, May 9 (Reuters) – Long-awaited legislation that
is meant to liberalise the economy of the United Arab Emirates
may bring only modest changes, because of strong opposition from
some Emiratis who fear they could lose out to foreigners.

In December, when the UAE’s cabinet approved a draft of a
new companies law that would update legislation dating back to
1984, hopes grew that restrictions on foreign investment in one
of the world’s top five oil exporters would be loosened.

May 8, 2012

BSkyB enters Arab TV fray with Abu Dhabi royal

ABU DHABI, May 8 (Reuters) – Sky News Arabia, a joint
venture between an Abu Dhabi royal and the British broadcaster
BSkyB, has launched a 24-hour Arabic-language news
channel with a pledge to be impartial in a region where
government influence over media is endemic.

The channel went live on Sunday from state-of-the-art
studios in the capital of the United Arab Emirates as
correspondents sent live reports from the Syrian-Turkish border
and election night in Paris.

May 8, 2012

Iran accepts Chinese yuan in exchange for oil

ABU DHABI, May 8 (Reuters) – Iran is accepting yuan for some
of the approximately $20 billion worth of crude the OPEC member
supplies to its main client, China, annually, an Iranian
diplomat said on Tuesday, as the two countries try to maintain
trade ties despite Western sanctions.

U.S. sanctions against Iran have made paying for its crude
with hard currency difficult for top oil customers including
China and India, forcing them to look for alternatives.

Apr 24, 2012

Dubai picks banks for up to $1.5 billion bond: sources

DUBAI (Reuters) – Dubai has mandated four banks for a sovereign bond issue of up to $1.5 billion which may be launched as early as this week, two sources familiar with the matter told Reuters on Tuesday.

The Gulf Arab emirate, which has been slowly recovering from a crippling 2009 debt crisis, is tapping debt markets again nearly a year after it issued a $500 million bond.

Apr 20, 2012

Wary UAE tightens screws on Islamists

ABU DHABI/RAS AL-KHAIMAH, United Arab Emirates (Reuters) – Wary of the Muslim Brotherhood’s growing influence in the Arab world, the United Arab Emirates is clamping down on Islamists, anxious they could be emboldened to challenge a government that has weathered “Arab Spring” uprisings unscathed.

Long confined to the margins of the political scene or thrown in prison to ensure they stayed that way, Islamists have emerged as key actors in Tunisia, Libya and Egypt following the overthrow of their autocratic rulers.

Dec 4, 2010

Japan feels sense of crisis over North Korea

MANAMA (Reuters) – Japan feels in crisis over North Korea’s attack on a South Korean island and plans to step up its cooperation with the United States and South Korea in response, a Japanese defense official said Saturday.

Last month North Korea dramatically raised tensions in east Asia when it shelled the island of Yeonpyeong, hitting a South Korean military base and killing four people. South Korea said it was conducting military exercises at the time but insists test firings were not directed toward North Korea.